Commodities

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Your daily dose of financial news The Brief – 2.9.16

Think you need to be in commodities or emerging markets to send ripples of fear through the markets these days? Well how about one of the world’s biggest banks. Because markets aren’t so hot on them right now, either –...more

Energy Sector Alert Series: Risks and Opportunities in Distressed Oil and Gas

In this eight-week alert series, we are providing a broad look at current and emerging issues facing the energy sector. Attorneys from across the firm will discuss issues ranging from environmental disclosures and risk...more

Mining in Africa – getting in sync with the cycle

With one third of the world’s mineral reserves and two thirds of the world’s diamond production, Africa should have basked in the era of roaring commodity prices and booming optimism. Over the last decade, Africa’s average...more

Bridging the Bid-Ask Spread in the Oil Patch

Hope on the sell side and price volatility led to a wide bid-ask spread in 2015 and resulted in fewer financial sponsor-backed mergers and acquisitions transactions in the oil patch. Of late, prices have further plunged,...more

Important Dates and Reminders for Investment Advisers, Exempt Reporting Advisers, Commodity Trading Advisors and Commodity Pool...

Investment Advisers - Annual Compliance Reviews: All investment advisers registered with the Securities and Exchange Commission (“SEC”) or The Commonwealth of Massachusetts are required to review their...more

CFTC Staff Issues No-Action Relief from Mandatory Swaps Clearing for Small Bank Holding Companies, Small Savings and Loan Holding...

On January 8, 2016, the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“CFTC”) issued no-action letters providing relief from the mandatory clearing requirement for swaps under Section...more

Commodity finance: protecting the lender’s rights over the borrower’s insurance

Introduction - In commodity finance structures it is usual for the lender to require the borrower to arrange insurance cover for the goods that serve as collateral for the loan. This is because if the goods are damaged,...more

Farmers question legality of Farm Service Agency calculation of ARC-CO yields

Once again, a newly created program from the 2014 Farm Bill is being scrutinized by farmers who question the legality of how it is being implemented. The Farm Service Agency’s county-based Area Coverage (ARC-CO) program...more

"Bitcoins and the Blockchain: The CFTC Takes Notice of Virtual Currencies"

As interest in bitcoin derivatives has increased, the Commodity Futures Trading Commission (CFTC) has turned more of its attention toward virtual currencies. For a little more than a year, at least two trading facilities...more

SFTR and the Commodities Market – What will the impact be?

The Regulation on Transparency of Securities Financing Transactions (SFTR) was published in the Official Journal on 23 December 2015 and entered into force on 12 January 2016. At first glance it might appear that the...more

Deadline Approaches for Annual CPO/CTA Exemption Filings

Firms must affirm their exemption or exclusion from CPO or CTA registration on the National Futures Association’s Exemption Filing System by February 29....more

The CFTC Turns to Insider Trading Enforcement

The U.S. Commodities Futures Trading Commission (CFTC) recently brought, and settled on consent, its first-ever insider trading case. The Commission used its new authority under the Dodd-Frank Act and the Commission’s new...more

CFTC rule change brings record-keeping relief for commodity dealers and end-users

Aiming to reduce needless regulatory costs on America’s farmers, grain elevators and other commercial end-users of the commodity markets, the U.S. Commodity Futures Trading Commission (CFTC) recently amended a record-keeping...more

Legal Trends: Oil & Gas

As depressed oil prices continue to dominate the headlines and natural-gas prices hover near record lows, sustained low commodity prices have had a cascading effect on the industry, compelling companies to fundamentally alter...more

Continuing Distress and Investment Opportunities in the Energy Markets

If 2015 was defined by falling commodity prices, 2016 may simply be defined by continuing lows. Over the course of 2015, oil prices dropped approximately 31 percent. More than 40 companies filed for bankruptcy, and upstream...more

CFTC Enforces Insider Trading Rules and Aggressively Pursues Its New Enforcement Authority under the Dodd-Frank Act

On December 2, 2015, the Commodity Futures Trading Commission (“CFTC”) issued an order (“Order”) instituting proceedings against, and settling with, Arya Motazedi, for various violations of CFTC Rules. In a significant first...more

On Valuing Cherubs, Cuties, and Halos

Picking up where we left off yesterday discussing brand valuation, I’ve recently taken great interest in the branding of fresh fruits and vegetables — they seem to be the ultimate commodity, a perfectly ripe environment for...more

Agencies Find Weaknesses in Shared National Credits

Credit risk in the Shared National Credit (SNC) portfolio remained at a high level, according to an annual review of large shared credits released November 5 by federal banking agencies. The SNC review has been conducted...more

If It Doesn’t Sell Buckets, Is It Truly A Bucket Shop?

An often overlooked corner of the California Corporations Code is the Bucket Shop Law, Cal. Corp. Code § 29000 et seq. The law quite literally criminalizes the keeping of a bucket shop: "Any person who . . . is the keeper of...more

CFTC Approves NFA Interpretive Notice on Information Systems Security Programs, Including Cybersecurity Guidance

The CFTC recently approved the National Futures Association’s interpretive notice (the “Cybersecurity Notice”) on the general requirements that members should implement for their information systems security programs...more

Bridging the Week - October 2015 #4

Proposed Automated Trading Rule by CFTC Likely to Follow Already Existing Best Practices; SEC Also Contemplating New Measures - In two speeches last week, Timothy Massad, Chairman of the Commodity Futures Trading...more

ESMA publishes commodities guideline translations

ESMA has published the official translations of its guidelines on commodity derivatives under the current Markets in Financial Instruments Directive....more

Tax Law Alert: Oregon Rulemaking Would Tax Electricity and Gas Sales by Non-Utilities Differently

The Oregon Department of Revenue is considering rulemaking that would affect whether sales to a “contracted point of delivery” in Oregon are taxed by Oregon vs. another state. “Public utilities” would continue to measure...more

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

Commerce Department Survey of Financial Services Transactions with Foreign Persons Due November 1, 2015

The Commerce Department’s BE-180 Survey of Financial Services Transactions is a mandatory benchmark survey conducted every five years and administered by the Bureau of Economic Analysis (the “BEA”). Reports are required by...more

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